Kerasotes Showplace Theatres to be sold to AMC Entertainment
By APWednesday, January 20, 2010
Kerasotes plans sale of theaters to AMC
CHICAGO — The nation’s sixth-largest movie house chain, Kerasotes Showplace Theatres, says it has reached agreement to sell most of its 96 theaters to AMC Entertainment Inc. of Kansas City.
The companies indicated Tuesday they expect to complete the sale this summer.
Kerasotes, which began with a single nickelodeon in Springfield, Ill., in 1909, now has theaters in Illinois, Indiana, Iowa, Missouri, Wisconsin, Ohio, Minnesota, Colorado, California, and New Jersey for a total of 957 screens.
Kerasotes CEO Tony Kerasotes said Tuesday he and brother, Dean, would continue to own and operate new ICON concept theaters in Chicago and Minneapolis, as well as one theater in Secaucus, N.J.
AMC, the nation’s second-largest theater chain, has more than 305 theaters and 4,574 screens in five countries.
Terms of the deal, which is subject to regulatory review, were not revealed.
